OPEC+ to ease oil curbs from May

OPEC+ to ease oil curbs from May

OPEC+ agreed on Thursday to gradually ease its oil output cuts from May, after the new U.S. administration called on Saudi Arabia to keep energy affordable, mirroring Donald Trump’s practice of calling OPEC’s leader over oil policy.

The group, which has implemented deep cuts since a pandemic-induced oil price collapse in 2020, agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July.

Iran’s oil minister, Bijan Zanganeh, confirmed the group would have boosted output by a total of 1.1 million bpd by July, Reuters reported.

Under Thursday’s deal, cuts implemented by OPEC+ would be just above 6.5 million bpd from May, compared with slightly below 7 million bpd in April.

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